Fake News and Advertising on Social Media: A Study of the Anti-Vaccination...
Online sources sometimes publish information that is false or intentionally misleading. We study the role of social networks and advertising on social networks in the dissemination of false news...
View ArticleAn Heterogeneous-Agent New-Monetarist Model with an Application to...
We develop a New Monetarist model with expenditure and unemployment risks that generates equilibria with non-degenerate distribution of money holdings. Distributional effects can overturn key insights...
View ArticleThe Crucial Role of International Trade in Adaptation to Climate Change -- by...
Climate change effects on agricultural yields will be uneven over the world with a few countries, mostly in high latitudes, that may experience gains, while most will see average yield decrease. This...
View ArticleWill Brexit Age Well? Cohorts, Seasoning and the Age-Leave Gradient, Past,...
In the UK's 2016 referendum on EU membership, young voters were more likely than their elders to vote Remain. Applying new methods to a half century of data, we show that this pattern reflects both...
View ArticleMobility and Congestion in Urban India -- by Prottoy A. Akbar, Victor...
We develop a methodology to estimate robust city level vehicular mobility indices, and apply it to 154 Indian cities using 22 million counterfactual trips measured by a web mapping service. There is...
View ArticleFloating Rate Money? The Stability Premium in Treasury Floating Rate Notes --...
We identify a significant premium in the prices of Treasury floating rate notes (FRNs) relative to both Treasury bills and notes. This premium is directly related to the near-constant nature of FRN...
View ArticleOn the Informativeness of Descriptive Statistics for Structural Estimates --...
Researchers often present treatment-control differences or other descriptive statistics alongside structural estimates that answer policy or counterfactual questions of interest. We ask to what extent...
View ArticleMicroeconometric Models of Consumer Demand -- by Jean-Pierre H. Dube
A long literature has developed econometric methods for estimating individual-consumer-level demand systems that accommodate corner solutions. The increasing access to transaction-level customer...
View ArticleConsumer Misinformation and the Brand Premium: A Private Label Blind Taste...
We run in-store blind taste tests with a retailer's private label food brands and the leading national brand counterparts in three large CPG categories. In a survey administered during the taste test,...
View ArticleThe Big Con - Reassessing the "Great" Recession and its...
Most economists differ, not on the causes of the Great Recession, but on their relative importance. They concur, though, on the basic problem, namely human, not market failure. This study applies the...
View ArticleDo Household Finances Constrain Unconventional Fiscal Policy? -- by Scott R....
When the zero lower bound on nominal interest rate binds, monetary policy makers may lack traditional tools to stimulate aggregate demand. We investigate whether "unconventional" fiscal policy, in the...
View ArticleIdentifying Price Informativeness -- by Eduardo Davila, Cecilia Parlatore
We show that outcomes (parameter estimates and R-squareds) of regressions of prices on fundamentals allow us to recover exact measures of the ability of asset prices to aggregate dispersed information....
View ArticleMay the Force be With You: Investor Power and Company Valuations -- by Thomas...
This paper examines the effect of investor power in a model of staged equity financing. It shows how the usual effect where market power reduces valuations can be reversed in later rounds. Once they...
View ArticleChild Access Prevention Laws and Juvenile Firearm-Related Homicides -- by D....
Debate over safe-storage gun regulations has captured public attention in the aftermath of several high-profile shootings committed by minors. Whether these laws actually decrease youth gun violence,...
View ArticleSex, Drugs, and Baby Booms: Can Behavior Overcome Biology? -- by Michele...
We study the behavioral changes due to marijuana consumption on fertility and its key mechanisms, as opposed to physiological changes. We can employ several large proprietary data sets, including the...
View ArticlePrivate Equity Indices Based on Secondary Market Transactions -- by Brian...
Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund's...
View ArticleInternational Yield Curves and Currency Puzzles -- by Mikhail Chernov, Drew...
The depreciation rate is often computed as the ratio of foreign and domestic pricing kernels. Using bond prices alone to estimate these kernels leads to currency puzzles: the inability of models to...
View ArticleThe Long-Run Impacts of Same-Race Teachers -- by Seth Gershenson, Cassandra...
We examine the impact of having a same-race teacher on students' long-run educational attainment. Leveraging random student-teacher pairings in the Tennessee STAR class-size experiment, we find that...
View ArticleSocial Security Programs and Employment at Older Ages in the Netherlands --...
There have been a vast number of social security reforms aimed at increasing employment at older ages over the last two decades in the Netherlands. These reforms mainly lead to more stringent...
View ArticleAccounting for Firm Heterogeneity within U.S. Industries: Extended Supply-Use...
This paper presents experimental tables created by the U.S. Bureau of Economic Analysis comparing industry-specific shares of the components of total output of globally engaged firms located in the...
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